Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. An increase in quantity supplied is represented by a movement from
A. S2 to S1.
B. Point B to Point C along supply curve S2.
C. Point B to Point A along supply curve S2.
D. S2 to S3.
Answer: C
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A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
How do monopolists influence price and demand?
a. Monopolists can sell any quantity they choose at a given price. b. Monopolists have little control over price. c. When monopolists lower prices, sales fall. d. When monopolists raise prices, sales fall.
One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events. Apparently the initial price of the tickets being scalped was too
A. High for equilibrium, resulting in a surplus of tickets. B. Low for equilibrium, resulting in a shortage of tickets. C. Low for equilibrium, resulting in a surplus of tickets. D. High for equilibrium, resulting in a shortage of tickets.
A student that asks interesting questions during the lecture generates
A) positive externalities. B) no externalities. C) negative externalities. D) an excludable good.